(IT-NEWSWIRE.COM, May 11, 2019 ) The report "Corrugated Boxes Market by Material (Linerboard, Medium), Type (Slotted boxes, Telescope boxes, Rigid Boxes), Printing Ink (Water-based, Hot melt-based, UV-curable), and Printing Technology (Digital, Flexography, Lithography) - Forecast to 2021", The corrugated boxes market is projected to grow from USD 63.29 billion in 2016 to USD 76.76 billion by 2023, at a CAGR of 3.94%. The global corrugated boxes market is driven by factors such as recyclability of corrugated boxes, strong growth in the food & beverage and electronic goods industries and increase in the spending by consumers for packaged products. Rising e-commerce industry and increasing demand for packed product present a great opportunity for this market to grow in future. The corrugated boxes market is witnessing demand owing to the rise in manufacturing activities. However, factors such as greenhouse gas emission during production and rising raw material cost inhibit the growth of the market.
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The flexography Printing segment is estimated to be a leading segment in the corrugated boxes market in 2016
The corrugated boxes market has been segmented, on the basis of printing technology, into flexography printing, digital printing, lithography printing, and others including offset, screen, and gravure printing technologies. Flexographic printing is the most-widely used printing technology for corrugated boxes. It is cost-effective and finds a wide range of applications in the food & beverage and e-commerce industries. This has accelerated its demand in corrugated flexographic printing. Digital printing is the most recent printing technology for corrugated boxes and is projected to witness the highest growth during the forecast period.
The slotted boxes segment is projected to grow at the highest CAGR in the global corrugated boxes market from 2016 to 2021
The slotted boxes segment witnesses a significant market share in the corrugated boxes market and is projected to record the highest CAGR during the forecast period, due to its versatility to stack many products, easy handling, and excellent damage prevention properties. Moreover, the increasing demand for consumer durables, glassware & ceramics, and food & beverages supports the growth of slotted boxes.
The food & beverage segment dominated the end-use industry in the corrugated boxes market during the forecast period
The food and beverage segment witnessed significant growth in the corrugated boxes market and is also projected to grow at the highest CAGR during the forecast period, due to the growing demand for packaged and branded products, and consumer awareness toward the safe packaging of the product. Corrugated boxes provide better protection during transportation and uses safe packaging materials and are hence preferred widely in food & beverages industry.
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213 - Market Data Tables
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269 - Pages
The Asia Pacific is expected to hold the largest share in the corrugated boxes market during the forecast period
The Asia Pacific is projected to dominate the corrugated boxes market through 2021. Various factors such as strong government support, rapid economic development, availability of raw materials, and cheap labor are driving the demand for the safe packaging manufacturing industry in the region. Moreover, the growth of the Asia Pacific corrugated boxes market is supported by the growing packaging industry in countries such as China, India, Vietnam, Indonesia, Bangladesh, Cambodia, and Thailand.
Asia-Pacific with emerging economies like China and India will drive the corrugated boxes market. China is projected to have the largest market share and dominate the Asia-Pacific corrugated boxes market from 2016 to 2021. Developing markets such as China and India are emerging as growth economies for corrugated boxes. Growing economies, the increasing population, and the resultant disposable income of people are acting as the main drivers for increased opportunities in these countries.
Key players operating in the corrugated boxes market include Mondi Group Plc (South Africa), International Paper Company (U.S.), WestRock Company (U.S.), DS Smith Plc (U.K.), Smurfit Kappa Group (Ireland), and Rengo Co. Ltd. (Japan). These players have established brands, a wide product portfolio, and a strong geographical presence.
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